HC Security Network News smaller number in addition to video surveillance, access control and identification of security production public company, we put them to study together. Unlike the survey statistics of foreign security market research companies, most of them only count the market situation of video surveillance, entrance control and burglar alarm, and most of China's security market research companies are based on China Security Industry Association. The scope of management has increased the market for equipment such as physical protection, security inspection, and vehicle anti-theft and anti-robbery. These types of equipment we put together with the market share of small anti-theft alarm equipment as other security products research.
We have 15 other security production listed companies that have collected the 2016 annual report. The operating data of these companies in 2016 are shown in Table 3-1.
Table 3-1, 2016 Operational Tables of Other Security Products Manufacturers
Note: Anerfa's smart lock and smart home business income is 0.0545 billion yuan, accounting for only 6.95% of total revenue. The main product smart brake system operating revenue accounts for 44.03%. We adjust it to the import and export control enterprises.
The types of enterprises in Table 3-1 are only three types of burglar alarm, physical protection and security inspection equipment, including 7 physical protection categories, 6 anti-theft alarms, and 2 security inspection enterprises. We will count these 15 companies according to the income growth rate of more than 60%, 40~59.9%, 20~39.9%, 0~19.9% ​​and below 0%. 2 of more than 60%, 2 of 40~59.9%, 2 of 20~39.9%, 4 of 0~19.9%, 5 of negative growth, accounting for 13.3%, 13.3%, 13.3%, 26.6 of the total respectively. % and 33.3%. The data on the growth of operating income of these three types of security listed companies in the past three years are shown in Table 3-2.
Table 3-2. Statistics of the growth rate of operating income of other security production enterprises
From the perspective of other security-type listed companies in 2016 and 2015, most of them are newly listed companies in the New Third Board in the past two years. Most of the enterprises' incomes have increased. The income growth of enterprises in the past two years is not much different, but due to 2016 The proportion of high-growth enterprises is low, while the growth of negative-growth enterprises is still slightly worse than 2015. Since the number of other security companies in 2014 is too small, it is difficult to compare with the past two years.
In Table 3-3, we have calculated the gross profit margin and profit increase and decrease ratio of other security production listed companies in the past three years.
Table 3-3: Comparison of gross profit margin and profit increase and decrease ratio of other security production enterprises
In 2016, 15 other security companies increased their gross profit margins to 90.0%, 6 companies' gross profit margins decreased, accounting for 40.0%; while profits increased by 9 and profits decreased by 6 and the proportion was the same. Compared with 2015, the proportion of gross profit margin increase is slightly higher and the proportion of profit increase is lower. We think this is due to the small size of the listed companies on the New Third Board. In the year after the listing, the local government rewarded the newly listed companies with a large amount. The 2016 annual report reflects that the award was listed in 2016, and the 2016 listing will be in 2016. No, and the annual intermediary costs are large, which has a greater impact on the profit of small businesses. Therefore, although revenues are mostly increased in 2016, profit growth is only in line with the growth of gross margin. In 2014, other security companies only had the same two companies, namely, Weifangwei and Jingang Glass. Their gross profit margins declined slightly. Although the income growth rate was not large, the profit still increased.
We compare the income, gross profit margin and profit growth of other security production-type listed companies according to the burglar alarm, physical protection and security inspection equipment, and the profit growth in Table 3-4.
Table 3-4: Comparison of performance of other security sub-products listed companies in 2016
The burglar alarm companies in Table 3-4 performed the best, with positive income growth, and most companies' gross profit and profit growth were also good. We analyze this as being inferior to the 2015 China burglar alarm market, and the market has a recovery growth in 1016. Among them, the profit of Jinglong is somewhat abnormal, both income and gross profit margin are increasing, while profit is increasing. Careful reading of the company's annual report found that the company gradually positioned its products in the high-end market in 2016, gradually eliminating the production and sales of low-end products such as switches and door magnets. The average gross profit margin of products has increased, but due to the increase in administrative expenses and financial expenses. Fast, the listing fee was 1.6 million, and the government subsidy only increased by more than 600,000, which caused the company's loss to increase from 40,000 yuan in the previous year to 420,000 yuan in 2016. This is also a case in which the profit of the listed companies on the New Third Board is greatly affected by government subsidies and the intermediary fees of listed companies.
The overall performance of the seven companies in the field of physical protection is not ideal, and the income and profits of most companies are declining. From the data of the physical protection enterprises in Table 3-1, the two companies that produce safes and biometric gun cabinets perform well, and the enterprises that produce cash trucks, explosion-proof glass, and security doors perform poorly, and the performance of the same type of enterprises. The difference is also very large, such as 2 smart lock manufacturers, one is better, and one is worse.
The two companies in the security inspection category performed generally, and the competition in the security inspection industry also intensified. The sharp decline in the profits of the company was due to the increase in the company's R&D investment, and the increase in marketing expenses and sales expenses for the company's new public safety projects.
In summary, the overall performance of the physical protection enterprises is poor, the security of the two types of listed companies in general performance, and the burglar alarm sub-sector performance is relatively good.
We will compare the business data of the three major electronic security products in 2016 and 2015, including video surveillance, entrance control and burglar alarm.
Table 3-5: Comparison of performance of listed companies in major security sub-products in 2016 and 2015
* There are two companies involved in gross profit margin statistics. ** One company with less participation in gross profit margin statistics.
From Table 3-5, the burglar alarm company performed better in 2016 than in 2015, but it is a recovery growth; the proportion of revenue growth of video surveillance companies is better than that in 2015, but from the data of revenue growth In view of the fact that the video surveillance growth in 2015 is more than 60%, the weighted average 2016 is not as good as 2015, and 2015 is also a year of intense polarization of video surveillance companies. The growth rate of revenue from the entrance and exit control enterprises decreased rapidly. The profit monitoring video monitoring and import and export control companies were not as good as in 2015.
Through our data analysis of 152 sets of products of 149 listed companies of various security production types, although the burglar alarm sub-sector has a recovery growth, in general, compared with 2015, the growth rate of most sub-sectors in 2016 is The profitability has declined.
Editor in charge: Zhang Zequn
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